Important Things to Remember with September GST Returns (ITC Deadline)

If there is one GST Return that is super important and tops them all – its the one for September 2018. When you are about to file this return you must –
  • Claim your ITC – If you forgot to claim ITC on an invoice which was raised in the Financial Year 2017-18, remember that the time limit for availing it, is the due date of September 2018 returns.
  • Report details of credit/debit note issued, if not done earlier – Details of any credit/debit note that was issued in FY 2017-18 can still be reported while filing September 2018 returns if it was not reported earlier. While doing so, any change in tax liability on account of this must be paid with interest.
  • Correct your mistakes – No rectification of error or omission for details furnished in GST returns filed earlier in FY 2017-18 will be allowed later than the GST returns filed for September 2018.
Most importantly, any eligible ITC available against an invoice or debit note for purchases made by a taxpayer in FY 2017-18 if not claimed by 20th October 2018, will get time barred and cannot be later claimed. Time limit is reckoned as earlier of September 2018 return due date or Annual return due date.
Therefore, exercise extra caution while filing your September GST Returns. Besides, this is also the time for closure of income tax returns for those who need an audit and is an opportune time to make good any of the issues you may have faced as listed above.

If you want to make sure your September returns are filed accurately, and want to ensure proper ITC claim, our intelligent matching and reconciliation can help you do this with 100% accuracy.

Courtesy: ClearTax GST

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